City workers 'want out'

City workers are dreaming of freedom

Most workers in London's main financial district are fed up with their jobs and and plan to quit within five years, according to a survey.

Three out of five would hand in their notice tomorrow if they could.

Financial worries and fear of terrorism were the two most common causes of misery.

A survey of 400 workers in the City, by human resources consultants Chiumento, suggested most would prefer a job outside the capital.

Shrinking workforce

The Centre for Economics and Business Research, a London-based think tank, predicts that by the end 2003, the City workforce will have fallen by 30,000 from its peak two years ago, to a total about 300,000 people.

I earn over 200K per annum. Yet I'm not happy

Lucinda, London, UK

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But if the Chiumento research is anything to go by, there will be few complaints - provided there is a generous redundancy payment.

Younger workers are the most restless, according to the survey.

But older staff were more pessimistic about jobs returning to the heart of the capital, the research found.

Fewer than one in 10 said they wanted to remain in their current post.

Chiumento managing director Richard Chiumento said: "The situation in the City is even worse than we anticipated.

"The stark reality is that City workers want out and that City jobs will never return on the same scale.

"This represents an even bigger challenge for employers in terms of re-engaging and motivating stayers, as well as helping those who chose to leave their City careers.

"Employers must think about the implications of a shrunken workforce, while employees need to consider their futures carefully."

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